The Rangers Supporters Trust, said: “The message from the Rangers support is clear. We are up for this fight.”

Rangers issued a statement to the Stock Exchange saying they were considering various proposals to safeguard the financial future of the Ibrox club.

The Glasgow giants – aiming to return to the Scottish Premiership – are operating at a significant monthly loss and need to secure substantial investment in order to continue as a going concern.

But the prospect of Ibrox and Murray Park training ground being used as a security for another loan from Newcastle United owner Ashley has not been well received by supporters.

Rangers released a statement on their official website last year assuring fans Ibrox would never be used as security amid growing fears it would be utilised for that purpose.

Club chairman David Somers told the AGM last month he had not been prepared to give Brian Kennedy security over Ibrox in return for a loan back in October.

The Rangers Supporters Trust revealed they were taking legal advice over the matter and had contacted MPs in an attempt to secure “political and government support”.

A Trust statement read: “We believe the board may be acting illegally on two fronts and we will be working with any other shareholder who wishes to challenge this. If necessary we will instigate legal action against the directors both collectively and individually.”

The Scottish Championship match was abandoned at 0-0 after 25 minutes because of snow on the pitch.